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Zeltis - Abridged report on the audited group financial results for the year
ended 30 June 2004 and notice of general meeting
ZELTIS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1946/0211141/06
JSE code: ZLT ISIN code: ZAE000037297
(`Zeltis` or `the company`)
ABRIDGED REPORT ON THE AUDITED GROUP FINANCIAL RESULTS FOR THE YEAR ENDED 30
JUNE 2004 AND NOTICE OF GENERAL MEETING
Restatement of certain financial figures.
Zeltis released its reviewed unaudited financial statements for the year ended
30 June 2004 on SENS on 3 November 2004 and published in the press on 5 November
2004. The annual report was mailed to shareholders on 21 December 2004.
Set out below is a re-statement of the audited financial results for the year
ended 30 June 2004. The re-statement primarily relates to revenue figures not
disclosed in the reviewed financial statements and the re-allocation of items in
the cash flow statement which had no effect to the cash and cash equivalents on
the income and cash flow statements, and the consequential changes.
Auditors opion
BDO Spencer Steward (Johannesburg) Inc have issued an unqualified audit opinion
on the financial statements and an emphasis of matter paragraph, drawing
shareholders` attention to the fact that the Group`s liabilities exceed its
assets as at 30 June 2004 and that the financial statements have been drafted on
a going concern basis as the directors have every reason to believe the Group
will continue as such and will be able to realise its assets and discharge its
liabilities in the ordinary course of business. The auditors opinion is
available for inspection at the company`s registered offices.
BALANCE SHEET
SENS Adjustments Audited
Reviewed Per
numbers AFS
ASSETS
Non-Current Assets 6,873 0 6,873
Property, Plant & Equipment 750 0 750
Intangible assets 5,000 0 5,000
Investments 1,123 0 1,123
Current Assets 16,507 0 16,507
Accounts receivable 13,527 0 13,527
Cash and cash equivalents 2,980 0 2,980
Total Assets 23,380 0 23,380
EQUITY AND LIABILITIES
Capital and Reserves -8,284 0 -8,284
Ordinary share capital 4,102 0 4,102
Share premium 114,973 0 114,973
Accumulated losses -127,405 0 -127,405
Ordinary shareholder`s interest -8,330 0 -8,330
Outside shareholder`s interest 7 0 7
Preference share capital 39 0 39
Non-Current Liabilities
Long term liabilities 7,586 0 7,586
Current Liabilities 24,078 0 24,078
Accounts payable 16,984 0 16,984
Bank overdraft 1,063 0 1,063
Current portion of long term debt 6,031 0 6,031
Total Liabilities 23,380 0 23,380
INCOME STATEMENT
SENS Adjustments Audited
Reviewed Per
numbers AFS
Revenue 0 127,903 127,903
Gross Income 10,847 0 10,847
Operating (loss) / profit on -7,683 9 -7,674
ordinary activities before
investment income
Deficit on sale of investments -127 0 -127
Investment income 49 -9 40
Loss before finance costs -7,761 0 -7,761
Finance costs -1,658 0 -1,658
Net loss for the year -9,419 0 -9,419
Outside shareholders` share of -7 0 -7
profits
Net losses due to ordinary -9,426 0 -9,426
shareholders
ADJ for headline earnings: 15,062 23 15,085
Deficit on sale of investments 127 0 127
Investments & loans w/off / 9,595 22 9,617
(recovered)
Goodwill amortised and impaired 5,340 1 5,341
Headline Earnings 5,636 23 5,659
EPS
Loss per share (11.49) 0.00 (11.49)
adj for:
Deficit on sale of investments 0.15 0.00 0.15
Investments & loans w/off / 11.69 0.03 11.72
(recovered)
Goodwill amortised and impaired 6.51 0.00 6.51
HEPS 6.87 0.03 6.90
CHANGES IN EQUITY
Ordinary Ordinary Distributabl Outside Total
Share Share e Shareholders
Capital Premium Reserve Interest
SENS Reviewed
numbers
Balance at 30 June 1,487 109,743 -117,234 -6,004
2002
Net Loss for the -745 -745
period
Share Capital Issued 2,615 5,230 7,845
Balance at 30 June 4,102 114,973 -117,979 0 1,096
2003
Net Loss for the -9,426 7 -9,419
period
Balance at 30 June 4,102 114,973 -127,405 7 -8,323
2004
ADJUSTMENTS
Balance at 30 June -2,615 -5,230 0 -7,845
2002
Net Loss for the 0 0
period
Share Capital Issued 2,615 5,230 7,845
Balance at 30 June 0 0 0 0 0
2003
Net Loss for the 0 0 0
period
Balance at 30 June 0 0 0 0 0
2004
AUDITED PER ANNUAL
FINANCIAL STATEMENT
Balance at 30 June 4,102 114,973 -117,234 1,841
2002
Net Loss for the -745 -745
period
Share Capital Issued 0 0 0
Balance at 30 June 4,102 114,973 -117,979 0 1,096
2003
Net Loss for the -9,426 7 -9,419
period
Balance at 30 June 4,102 114,973 -127,405 7 -8,323
2004
CASH FLOW STATEMENT
SENS Adjustments Audited
Reviewed Per
numbers AFS
Net Cash Outflow from Operating -1,202 -1,520 -2,722
activities:
Cash generated by operations 407 -1,384 -977
Investment income 49 -136 -87
Finance costs -1,658 0 -1,658
0
Net Cash Inflow from Investing 1,050 1,520 2,570
activities:
Replacement of fixed assets -170 0 -170
Proceeds from disposal of fixed 1,220 -457 763
assets
Proceeds from disposal of 0 1,977 1,977
investments
Net Cash Inflow from Financing 2,445 0 2,445
activities:
Loans raised 3,000 0 3,000
Loans repaid -555 0 -555
0
Net change in cash and cash 2,293 0 2,293
equivalents
0
Cash and cash equivalents at the -376 0 -376
beginning of the year
0
Cash and cash equivalents at the end 1,917 0 1,917
of the year
ANNUAL GENERAL MEETING
The annual report was be mailed to shareholders on 21 December 2004 along with
the notice of annual general meeting. The annual general meeting will be held on
2 February March 2005 at 09:00 at the registered offices of Zeltis Holdings
Limited, 23 Fricker Road, Illovo, Johannesburg.
For and on behalf of the directors
DX Hellmann (Chairman)
RN McLeod (Managing)
CHD Field (Financial)
CD Payne
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Limited, 70
Marshall Street, Johannesburg, 2001 (PO Box 1053, Johannesburg, 2003)
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
24 December 2004
Date: 24/12/2004 10:28:14 AM
Produced by the JSE SENS Department
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